Revolut said it recorded a £32.8 million loss after tax in 2018, while revenues rose more than 350% to £58.2 million.
The cost of sales jumped 247% on card scheme charges and user acquisition.Revolut CEO Nikolay Storonsky speaks onstage at the TechCrunch Disrupt conference in San Francisco, California.British financial technology start-up Revolut's losses doubled in 2018, the firm said Tuesday, as the company embarks on an aggressive global expansion.
But the company added that its gross profit margin had improved despite the cost of sales jumping 247%, as that figure was lower than the rise in revenue. Revolut attributed the rise in costs to card scheme charges and user acquisition.
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